business ⛽ Hormuz Strait deadlock raises $120 oil risk
A stalemate over the Strait of Hormuz control is creating uncertainty in the oil market. This situation involves ongoing negotiations and threats between the US and Iran in the Persian Gulf. Crude oil futures are being watched closely amid depleting global inventories and changing buying patterns from China since February 28. Analysts warn that if the strait remains closed, the market could hit a tipping point, potentially pushing prices to $120-$140 per barrel. The urgency for the strait to reopen has increased as existing inventory buffers are rapidly running low. ⛽